Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-30

Kirby (KEX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,735,134
David Grzebinski total, FY2025
43rd
CEO pay percentile vs peers
CEO-to-median pay ratio
97.71%
Say-on-pay support, latest vote
Companies that benchmark against KEX
2 companies name KEX as a compensation peer

Each company listed discloses KEX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named KEX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Grzebinski$1,091,754$0$2,250,127$0$3,349,255$0$43,998$6,735,134
Chief Executive Officer
Christian O’Neil684,84901,250,31301,568,356039,0403,542,558
President and Chief Operating Officer
Raj Kumar587,4420649,9880903,405022,4252,163,260
Executive Vice President and Chief Financial Officer
Amy Husted496,2670499,9070389,421025,0211,410,616
Executive Vice President, General Counsel, and Secretary
Scott Miller466,1160374,9300365,762011,7311,218,539
Vice President and Chief Information Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
David Grzebinski$6,735,134$7,109,569$7,799,652−374,435
Christian O’Neil3,542,5583,599,3383,208,226−56,780
Raj Kumar2,163,2602,203,3581,794,120−40,098
Amy Husted1,410,6161,928,7951,864,996−518,179
Scott Miller1,218,5391,520,5031,495,762−301,964

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David GrzebinskiRSU2025-01-3120,615$2,250,127
Amy HustedRSU2025-01-314,580499,907
Raj KumarRSU2025-01-315,955649,988
Christian G. O NeilRSU2025-01-3111,4551,250,313
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Grzebinski$2,250,127$0$00.0%
Amy Husted499,907000.0%
Raj Kumar649,988000.0%
Christian G. O Neil1,250,313000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
David GrzebinskiRSU20,615$2,271,361
David GrzebinskiRSU19,8202,183,768
David GrzebinskiRSU19,7162,172,309
David GrzebinskiRSU13,6401,502,855
Christian O’NeilRSU11,4551,262,112
Christian O’NeilRSU10,0281,104,885
David GrzebinskiRSU8,150897,967
Christian O’NeilRSU7,986879,897
Amy HustedRSU7,644842,216
Amy HustedRSU6,657733,468
Scott MillerRSU3,435378,468
Raj KumarRSU5,955656,122
Scott MillerRSU5,732631,552
Amy HustedRSU2,758303,876
Christian O’NeilRSU5,456601,142
Raj KumarRSU5,256579,106
Scott MillerRSU4,992550,019
Amy HustedRSU4,580504,624
Amy HustedRSU4,546500,878
Raj KumarRSU4,494495,149
Scott MillerRSU3,182350,593
Christian O’NeilRSU2,660293,079
Scott MillerRSU2,010221,462
Amy HustedRSU74481,974
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation programs are guided by a pay for performance philosophy, aiming to attract and retain executives with competitive compensation, motivate and pay for consistently strong financial and operational performance, and align executives' and stockholders' interests by rewarding performance that results in increased profitability and long-term stockholder value growth.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-2747,102,5521,105,796196,24397.71%Passed
20252025-04-2950,042,7411,938,186169,01796.27%Passed
20242024-04-2638,734,27615,319,817385,74871.66%Passed
20232023-04-2551,095,4323,544,424250,02293.51%Passed
20222022-04-2651,769,1002,726,369198,48295%Passed
20212021-04-2750,743,6082,800,185181,46494.77%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-2797.71%a
20252025-04-2996.27%b
20242024-04-2671.66%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David W. GrzebinskiEmployee director$0
Tracy A. EmbreeIndependent · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$85,000
Annual equity retainer$167,500
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$0
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$0

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Kirby names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Kirby.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1NOV Inc.2025Clay Williams$1,000,000$9,576,940$899,208$1,129,492$12,713,187
2XPO, Inc.2025Mario Harik872,1989,876,76001,236,90612,001,545
3Old Dominion Freight Line, Inc.2025Kevin Freeman1,033,6802,377,60608,167,84711,615,896
4Ryder System, Inc.2025Robert Sanchez1,100,0017,159,49501,675,89410,178,386
5Oceaneering International, Inc.2025Roderick Larson910,0002,027,79604,282,4257,735,670
6Chart Industries, Inc.2024Jillian Evanko1,100,0004,378,4241,573,870565,7857,687,879
7Schneider National, Inc.2025Mark Rourke1,000,0005,704,1740569,1207,380,101
8DNOW Inc.2025David Cherechinsky999,1734,555,0711,550,5487,118,605
9Kirby2025David Grzebinski1,091,7542,250,12703,349,2556,735,134
10Werner Enterprises, Inc.2025Derek Leathers974,0774,200,0000745,1066,048,549
11MRC Global Inc.2024Robert Saltiel860,0004,446,3830658,6575,992,594
12Tidewater Inc.2025Quintin Kneen750,0003,892,45801,078,1255,732,208
13Forward Air Corporation2025Shawn Stewart900,0004,037,9900617,4005,561,309
14Knight-Swift Transportation Holdings Inc.2025Adam Miller950,0003,242,667803,1305,011,329
15Hub Group, Inc.2024Phillip Yeager850,0002,400,342552,5003,964,450
Matson, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Kirbynot disclosedRSU 50 · Long-term Performance Cash 50not disclosedMeridian Compensation Partners
Chart Industries, Inc.38.1%not disclosedNoPay Governance
DNOW Inc.not disclosedRSU 50 · PSU 50not disclosedZayla Partners
Forward Air Corporation68%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
Hub Group, Inc.not disclosednot disclosednot disclosedAon
Knight-Swift Transportation Holdings Inc.not disclosedPRSU 60 · RSU 40not disclosedPearl Meyer
Matson, Inc.not disclosednot disclosednot disclosednot disclosed
MRC Global Inc.61.3%RSU 50 · PSU 50Yes — Relative TSR (OIH index + DNOW Inc. + Russell 2000 Index)Meridian
NOV Inc.87%PSU 50 · RSU 40 · Options 10Yes — TSR (total shareholder return) goalMeridian Compensation Partners
Oceaneering International, Inc.124%PSU 50 · RSU 50Yes — Relative TSRMeridian
Old Dominion Freight Line, Inc.not disclosednot disclosedYes — Three-year relative TSR compared to companies in the Dow Jones Transportation AveragePearl Meyer
Ryder System, Inc.90%PSU 60 · RSU 40NoFW Cook
Schneider National, Inc.not disclosedPSU 60 · RSU 40not disclosedFrederic W. Cook & Co, Inc.
Tidewater Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Werner Enterprises, Inc.not disclosedRestricted Stock 50 · Performance Stock 50not disclosedFrederic W. Cook & Co.
XPO, Inc.not disclosedPSU 80 · RSU 20not disclosedExequity LLP

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, David GrzebinskiDEF 14A2026-03-060001193125-26-096979Section “Summary Compensation Table”. As printed: 6,735,134. Filing ↗machine: span 1663227–1663236
2Section 01, Christian O’NeilDEF 14A2026-03-060001193125-26-096979Section “Summary Compensation Table”. As printed: 3,542,558. Filing ↗machine: r8 · c36 · span 1750659–1750668
3Section 01, Raj KumarDEF 14A2026-03-060001193125-26-096979Section “Summary Compensation Table”. As printed: 2,163,260. Filing ↗machine: r5 · c36 · span 1706921–1706930
4Section 01, Amy HustedDEF 14A2026-03-060001193125-26-096979Section “Summary Compensation Table”. As printed: 1,410,616. Filing ↗machine: r11 · c36 · span 1794371–1794380
5Section 01, Scott MillerDEF 14A2026-03-060001193125-26-096979Section “Summary Compensation Table”. As printed: 1,218,539. Filing ↗machine: r14 · c36 · span 1838097–1838106
6Section 03, David Grzebinski RSUDEF 14A2026-03-060001193125-26-096979Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1918125–1918134
7Section 03, Amy Husted RSUDEF 14A2026-03-060001193125-26-096979Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1980648–1980655
8Section 03, Raj Kumar RSUDEF 14A2026-03-060001193125-26-096979Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1938959–1938966
9Section 03, Christian G. O Neil RSUDEF 14A2026-03-060001193125-26-096979Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1959810–1959819
10Section 08, David W. GrzebinskiDEF 14A2026-03-060001193125-26-096979Section “Director Compensation”. As printed: 0. Filing ↗
11Section 08, Tracy A. EmbreeDEF 14A2026-03-060001193125-26-096979Section “Director Compensation”. As printed: —. Filing ↗
12Section 06, 2026 voteForm 8-K2026-04-300001193125-26-196337Item 5.07 · say-on-pay result. As reported: 97.71% (votes for as printed: 47,102,552). Filing ↗
13Section 06, 2025 voteForm 8-K2025-05-010000950170-25-061643Item 5.07 · say-on-pay result. As reported: 96.27% (votes for as printed: 50,042,741). Filing ↗
14Section 06, 2024 voteForm 8-K2024-04-260000950170-24-049254Item 5.07 · say-on-pay result. As reported: 71.66% (votes for as printed: 38,734,276). Filing ↗
15Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
16Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
17Section 09b board cost (computed)ComputedcomputedCash 0 + equity 0 + all other 0 = 0, summed across the director compensation table rows.machine: formula: Σ = 0
18NOV Inc., Section 10b CEO totalDEF 14A2026-04-090001193125-26-148884CEO total compensation as printed in NOV Inc.'s own proxy. As printed: 12,713,187. Filing ↗machine: t130 · r2 · c35 · span 574372–574382
19XPO, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040425CEO total compensation as printed in XPO, Inc.'s own proxy. As printed: 12,001,545. Filing ↗machine: r4 · c49 · span 1080319–1080329
20Old Dominion Freight Line, Inc., Section 10b CEO totalDEF 14A2026-04-200000878927-26-000006CEO total compensation as printed in Old Dominion Freight Line, Inc.'s own proxy. As printed: 11,615,896. Filing ↗machine: t7 · r4 · c12 · span 336288–336298
21Ryder System, Inc., Section 10b CEO totalDEF 14A2026-03-110001628280-26-016651CEO total compensation as printed in Ryder System, Inc.'s own proxy. As printed: 10,178,386. Filing ↗machine: t211 · r2 · c8 · span 970489–970499
22Oceaneering International, Inc., Section 10b CEO totalDEF 14A2026-04-020000073756-26-000073CEO total compensation as printed in Oceaneering International, Inc.'s own proxy. As printed: 7,735,670. Filing ↗machine: r2 · c14 · span 1452178–1452187
23Chart Industries, Inc., Section 10b CEO totalDEF 14A2025-04-080001193125-25-075768CEO total compensation as printed in Chart Industries, Inc.'s own proxy. As printed: 7,687,879. Filing ↗machine: t181 · r4 · c39 · span 524830–524839
24Schneider National, Inc., Section 10b CEO totalDEF 14A2026-03-170001104659-26-029426CEO total compensation as printed in Schneider National, Inc.'s own proxy. As printed: 7,380,101. Filing ↗machine: r1 · c42 · span 1012102–1012111
25DNOW Inc., Section 10b CEO totalDEF 14A2026-04-090001193125-26-148976CEO total compensation as printed in DNOW Inc.'s own proxy. As printed: 7,118,605. Filing ↗
26Kirby (subject), Section 10b CEO totalDEF 14A2026-03-060001193125-26-096979CEO total compensation as printed in Kirby's own proxy. As printed: 6,735,134. Filing ↗machine: span 1663227–1663236
27Werner Enterprises, Inc., Section 10b CEO totalDEF 14A2026-03-310000793074-26-000083CEO total compensation as printed in Werner Enterprises, Inc.'s own proxy. As printed: 6,048,549. Filing ↗machine: r3 · c24 · span 647131–647140
28MRC Global Inc., Section 10b CEO totalDEF 14A2025-04-170001193125-25-083481CEO total compensation as printed in MRC Global Inc.'s own proxy. As printed: 5,992,594. Filing ↗machine: r3 · c23 · span 1015729–1015738
29Tidewater Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050441CEO total compensation as printed in Tidewater Inc.'s own proxy. As printed: 5,732,208. Filing ↗machine: r1 · c53 · span 956319–956328
30Forward Air Corporation, Section 10b CEO totalDEF 14A2026-04-290001104659-26-051569CEO total compensation as printed in Forward Air Corporation's own proxy. As printed: 5,561,309. Filing ↗machine: t28 · r1 · c47 · span 679731–679740
31Knight-Swift Transportation Holdings Inc., Section 10b CEO totalDEF 14A2026-04-020001492691-26-000025CEO total compensation as printed in Knight-Swift Transportation Holdings Inc.'s own proxy. As printed: 5,011,329. Filing ↗
32Hub Group, Inc., Section 10b CEO totalDEF 14A2025-04-030001140361-25-012045CEO total compensation as printed in Hub Group, Inc.'s own proxy. As printed: 3,964,450. Filing ↗
33Section 10a, Knight-Swift Transportation Holdings Inc. reciprocityDEF 14A0001492691-26-000025Knight-Swift Transportation Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
34Section 10a, Oceaneering International, Inc. reciprocityDEF 14A0000073756-26-000073Oceaneering International, Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
35Section 10a, DNOW Inc. reciprocityDEF 14A0001193125-26-148976DNOW Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
36Section 10a, XPO, Inc. reciprocityDEF 14A0001104659-26-040425XPO, Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
37Section 10a, NOV Inc. reciprocityDEF 14A0001193125-26-148884NOV Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
38Section 10a, Ryder System, Inc. reciprocityDEF 14A0001628280-26-016651Ryder System, Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
39Section 10a, Schneider National, Inc. reciprocityDEF 14A0001104659-25-024115Schneider National, Inc. names Kirby in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, MRC Global Inc. reciprocityDEF 14A0001193125-25-083481MRC Global Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
41Section 10a, Forward Air Corporation reciprocityDEF 14A0001104659-26-051569Forward Air Corporation's most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
42Section 10a, Werner Enterprises, Inc. reciprocityDEF 14A0000793074-26-000083Werner Enterprises, Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
43Section 10a, Old Dominion Freight Line, Inc. reciprocityDEF 14A0000878927-26-000006Old Dominion Freight Line, Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
44Section 10a, Hub Group, Inc. reciprocityDEF 14A0001140361-25-012045Hub Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗
45Section 10a, Tidewater Inc. reciprocityDEF 14A0001104659-26-050441Tidewater Inc.'s most recent proxy was read; its disclosed peer group does not include Kirby. Filing ↗